Specialty trade contractors are subcontractors that specialize in a certain component of a construction project and perform tasks that are specific to building construction.
Sizing and Forecast
The specialty trade contractors market size has grown strongly in recent years. It will grow from $5787.9 billion in 2023 to $6138.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to construction industry growth, real estate development, regulatory compliance, infrastructure projects, population growth and urbanization.
The specialty trade contractors market size is expected to see strong growth in the next few years. It will grow to $7960.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to green building practices, renewable energy installations, aging infrastructure maintenance, healthcare facility construction, adoption of prefabrication and modular construction. Major trends in the forecast period include remote work impact, smart home technologies, technological advancements, digital transformation in construction, focus on sustainable practices.
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Segmentation & Regional Insights
The specialty trade contractors market covered in this report is segmented –
1) By Type: Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors
2) By Ownership: Chained, Standalone
3) By Mode: Online, Offline
4) By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Other Applications
Subsegments Covered: Excavation And Demolition, Roofing, Concrete Work, Water Well Drilling, Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors, Drywall And Insulation Contractors, Painting And Wall Covering Contractors, Flooring Contractors, Tile And Terrazzo Contractors, Finish Carpentry Contractors, Other Building Finishing Contractors, Site Preparation Contractors, All Other Specialty Trade Contractors
Asia-Pacific was the largest region in the specialty trade contractors market in 2023. North America was the second-largest region in the specialty trade contractors market. The regions covered in the specialty trade contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The specialty trade contractor market’s growth in the forecast period will be mainly driven by the increase in construction activity in emerging markets. Construction refers to the process of planning, designing, assembling, and building physical structures, including buildings, infrastructure, and facilities, typically involving the use of various materials, equipment, and labor to create functional and often permanent structures. Construction activities drive the growth of the specialty trade contractor market by creating demand for specialized services like electrical, plumbing, and HVAC installation within construction projects. For instance, in June 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, US-based government administrations, in May 2023, privately owned home starts were occurring at a seasonally adjusted annual pace of 1,631,000, representing an increase of 21.7% in the revised April 2023 prediction of 1,340,000 and 5.7% in the May 2022 rate of 1,543,000. The number of privately owned home completions in May 2023 was 1,518,000 on a seasonally adjusted yearly basis, representing an increase of 5.0% over the May 2022 rate of 1,446,000 and 9.5% above the revised April 2023 estimate of 1,386,000. This rapid growth in construction activity will contribute to the growth of the specialty trade contractor market.
Key Industry Players
Major companies operating in the specialty trade contractors market report are Vinci SA, Quanta Services, Shimizu Corporation, KONE Corporation, Balfour Beatty plc, EMCOR Group Inc., The Whiting-Turner Contracting Company, Fletcher Building Ltd., The Metallurgical Corp. of China Ltd., Carlisle Companies Inc., APi Group Inc., Centuri Group Inc., Performance Contractors Inc., Primoris, Comfort Systems Inc., Keller Group plc, MYR Group Inc., Rosendin Electric, NCI Building Systems, BrandSafway, The Haskell Company, Power Design Inc., The Weitz Company, Gaylor, The Boldt Company, HITT Contracting Inc., MasTec Inc., Artera Services, Lithko Contracting LLC, CIANBRO, The Yates Companies Inc., The Christman Company, The Beck Group, The Layton Companies Inc.
The specialty trade contractors market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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